GRSL.V · 2024-06-27 12:00:00

GR Silver Updates the Bulk Sampling Test Mining Program at the Plomosas Project Sampling Returns 2.5 m

Drill Results

GR Silver Updates the Bulk Sampling Test

Mining Program at the Plomosas Project

Sampling Returns

2.5 m

@ 1,625 g/t Ag, 14.1 g/t Au in a New Geological Structure.

VANCOUVER, BC

June 27, 2024

/CNW/ -

GR Silver Mining Ltd.

GR Silver Mining

" or the

Company

") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce that

it has advanced underground development and bulk sampling test mining ("BSTM") at the

San Juan

Area

, Plomosas Project in

Mexico

. The BSTM program is progressing under a commercial

agreement with private local operators (mining and milling operators) in the Rosario Mining

District in Sinaloa. The Company has achieved the following milestones:

To date,

280 m

of underground development have been completed, and 15,170 t of BSTM

material have been processed from the

San Juan Area

, from which 235 t of concentrate have

been produced, as summarized in Table 1.

The processing of BSTM material from the

San Juan Area

has resulted in silver recoveries

ranging from 84% to 92% and gold recoveries ranging from 60% to 75%. The BSTM program

has allowed the processing of lead concentrates containing high-grade silver and gold to be

commercially acceptable by off-takers.

The work on-site supports the definition of a high-grade silver-gold zone not represented in the

current NI 43-101 Mineral Resource estimate, allowing better delineation of key geological

controls hosting significant mineralization for future drilling.

The channel sampling program, as part of the BSTM program (Table 2), has reported high-

grade results, including

2.5 m

@ 1,625 g/t Ag and 14.1 g/t Au. This new zone was recently

discovered, hosted by a vein/hydrothermal breccia within a NE-trending fault zone in the

San

Juan Area

. These structures were not integrated in the current NI 43-101 Mineral Resource

estimate, creating potential for future resource expansion in the

San Juan Area

Underground control sampling during the BSTM program and site preparation has revealed new

geological structures hosting silver- and gold-rich hydrothermal breccias not previously

incorporated in the geological model (Figure 1).

Table 1 – Concentrate Assay Results San Juan Area Bulk Sampling Test Mining Program –

June 2024

Concentrate ID

Tonnes

Ag g/t

Au g/t

Pb%

24 12

8.4

12,838

10.1

7.66

24 14

9.8

11,061

12.0

5.95

24 16

8.4

10,167

10.2

4.67

24 17

13.0

8,233

6.8

4.11

24 20

18.5

9,861

8.4

3.91

24 25

28.3

5,112

5.5

8.09

24 28

28.3

5,639

3.5

20.40

24 30

17.8

8,454

12.0

12.00

24 31

12.8

10,685

14.9

11.60

24 33

12.1

9,220

10.0

10.96

24 36

8.6

10,115

10.4

8.03

24 38

11.9

9,407

10.3

10.02

24 39

14.1

6,154

5.7

20.26

24 45P

21.7

11,420

8.9

24 49P

21.1

11,475

9.3

Total Tonnes

235.0

Table 2 summarizes channel sample results obtained during recent underground development and

bulk sampling in the

San Juan Area

The BSTM activities will focus on the

San Juan

and La Colorada Areas due to the proximity of the

targets to the surface and to third party-owned processing plants. The Company is assessing the

implementation of a similar BSTM program at the Plomosas Mine Area in the near term. Bulk

sampling test mining within these historical mines is expected to continue throughout 2024.

The activities of the BSTM program in the Plomosas Project's historical mines are providing the

Company with a low-cost platform for the definition of new targets for drilling, discovery and,

potentially, resource expansion, adding key information for future project development.

Figure 1 - Lay Out Bulk Sampling Trial Mining (“BSTM”): Underground Development - San Juan Area

(CNW Group/GR Silver Mining Ltd.)

Figure 1 - Lay Out Bulk Sampling Trial Mining (“BSTM”): Underground Development - San Juan Area

(CNW Group/GR Silver Mining Ltd.)

Table 2 – Channel Sample Assay Results - San Juan Area Bulk Sampling Test Mining –

June

2024

Sample ID

East (m)

North (m)

RL(m)

Length

(m)

Ag g/t

Au g/t

Pb %

Zn %

73534

448143.371

2550607.03

873

0.3

637

0.51

0.19

0.21

73535

448110.684

2550641.25

877

0.01

0.23

73536

448133.091

2550663.55

859

1.3

160

0.29

0.39

0.42

73537

448123.070

2550662.51

861

0.7

499

0.50

1.07

1.40

73538

448124.393

2550662.74

860

0.5

338

0.29

0.73

0.75

73539

448125.604

2550662.60

859

1,095

0.33

1.18

3.22

73542

448162.587

2550774.01

871

133

0.65

0.09

0.17

73543

448128.729

2550646.41

869

0.03

0.09

0.38

73544

448092.982

2550658.83

863

0.5

126

0.04

0.15

0.71

73548

448177.548

2550596.40

861

1.5

0.26

0.07

0.15

73551

448128.279

2550651.87

867

372

0.10

0.46

2.32

73552

448128.194

2550650.32

867

927

1.69

6.31

5.61

73553

448133.404

2550670.48

859

1.7

0.01

0.03

73554

448130.953

2550642.99

869

768

0.74

2.26

2.22

73556

448212.886

2550563.13

855

1.2

465

0.98

8.15

10.39

73557

448221.674

2550539.07

860

1.4

0.03

0.36

0.35

73558

448231.651

2550523.84

859

1.5

160

0.96

1.21

5.50

73559

448233.056

2550522.34

859

1.5

0.07

0.12

0.24

73560

448162.564

2550771.74

871

0.8

0.01

0.00

0.01

73562

448173.578

2550599.72

862

2.5

1,624

14.13

0.06

0.24

Numbers may be rounded. Results are uncut and undiluted.

QA/QC Procedures

The Company has implemented QA/QC procedures, including inserting blank, duplicate, and

standard samples in all sample lots sent to Act Labs de México, S.A. de C.V. laboratory facilities in

Sonora, Mexico

, for sample preparation and assaying. The analytical methods are four acid Digest

and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with

gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead

Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold

above over limits (>10 ppm).

Qualified Person

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects

for this news release is

Marcio Fonseca

, P. Geo., President & COO for GR Silver Mining, who has

reviewed and approved its contents.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based,

Mexico

-focused junior mineral exploration company engaged

in cost effective silver-gold resource expansion on its 100%-owned assets, located on the eastern

edge of the Rosario Mining District, in the southeast of Sinaloa State,

Mexico

. GR Silver Mining

controls 100% of the former Plomosas underground mine within the Plomosas Project, which

includes the integrated San Marcial Area. In conjunction with a portfolio of early to advanced stage

exploration targets, the Company holds 78 km

of highly prospective core concessions and an

additional 656 km

of non-core concessions.

GR Silver Mining Ltd.

Eric Zaunscherb, Chair & CEO

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" within the meaning of applicable

Canadian securities legislation and information that are based on the beliefs of management and

reflect the Company's current expectations. When used in this press release, the words "estimate",

"project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the

negative of these words or such variations thereon or comparable terminology are intended to

identify forward-looking statements and information. Such statements and information reflect the

current view of the Company. Risks and uncertainties may cause actual results to differ materially

from those contemplated in those forward-looking statements and information. By their nature,

forward-looking statements involve known and unknown risks, uncertainties and other factors

which may cause our actual results, performance or achievements, or other future events, to be

materially different from any future results, performance or achievements expressed or implied by

such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is

defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy

or accuracy of this press release.

SOURCE

GR Silver Mining Ltd.

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For further information:

For further information, please contact: Eric Zaunscherb, Telephone:

+1.647.293.8457, Email: [email protected]

CO: GR Silver Mining Ltd.

CNW 07:30e 27-JUN-24

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